IBAN and SWIFT code are the two internationally recognized and approved methods for identification and standardization of bank accounts through which money transfer is made between different countries. Do you want to know how these operate when you send money to Pakistan? Let’s get started

In this article, we will learn the difference between IBAN vs. SWIFT codes and how they work when someone sends money to Pakistan and other countries across the border. We will also have a look at money transfer services provided by ACE Money Transfer in terms of the best remittance services and exchange rates, along with Bank Alfalah becoming the best receiving end for money in Pakistan. 

IBAN is an acronym for  International Bank Account Number while SWIFT is the acronym for  Society for Worldwide Interbank Financial Telecommunication. Both are international methods for bank account identifications whenever a transaction is made across the border. Both play a significant role in the smooth functioning of the international economy and financial market.

International Bank Account Number (IBAN)

An IBAN as the name indicate allows the country identification of the sender as well as the account number of the recipient in another country to whom the money transfer has been made. IBAN helps financial markets to keep a check upon the transaction details as being correct or fabricated. 

The number starts with two digital country codes e.g. for Pakistan they are 92, which are further followed by three-five alphanumeric characters. This method Is most famously used in the majority of European Union countries and other western nations.

Society for Worldwide Interbank Financial Telecommunication (SWIFT) Code

Swift on the other hand is an acronym for The Society for Worldwide Interbank Financial Telecommunication (SWIFT) Established back in 1972. The swift system assigns each financial organization a kind of unique code with 8-11 characters. Swift code is a system used by financial setups to send and receive money transfer information and instructions through a detailed and standardized system of codes. 

The code is enormously used worldwide as it allows the banks to share significant financial data via the messaging system, the code elaborates arduous details like account status, debit, and credit card amounts and other details related to money transfers made with that account.

The Major Difference Between IBAN And SWIFT

The major difference between IBAN and SWIFT is the information that the codes convey in both procedures. Meaning a SWIFT code identifies the specific bank (name and details) whenever someone makes an international transaction. While IBAN identifies the international transaction account of that particular individual who gets involved in any international transaction.

IBAN And SWIFT Code Services At ACE And Bank Alfalah

ACE Money Transfer not only we allow customers to use easy only money transfer services at best exchange rates and excellent remittance services but also protect their money via application of IBAN and SWIFT codes for a quicker and successful money transfer across border. For which the customers are required to provide the bank details and the country of the receiver, otherwise the money transfer process could be halted.

ACE Money Transfer and Bank Alfalah has made a mutual agreement as well. Ace, on one hand, brings customers for its best remittance services, while Bank Alfalah being the leading bank of Pakistan provides its customers with various other benefits in terms of banking strategies.